PROJ00440

• Contract/PO #: C153572
• Contractor Name: North Poudre Irrigation Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: HB 85-1042
• Loan Projects - Doc Type: Contract Documents

'''.

"

form b-AC..o2A fl.:' ~I~~.
VI !TE:R~~, r&FrrFB.....J
NO, :2 DMl

r IJU' :.~TMi~ I OR "(;1:'1'00 ....U\1BI:'R
! 34-04-00
co-.,

PROJFCT A-c. qo > II C!
CO'iTIL\CT
and Promissory Note
THIS CONTRACT. made Ihis .:t7.&r.. day of -?...../~~ 19?t2. by and between Ihe
Slale (If Colorado for Ihe Ulof' and hendil of Ihe Oeparlmenl of '1 atural Resources
(Colorado Water Conservation Board) ,
hereinafter rt'ft'rred 10 as Iht' Stale. and'2 The North Poudre Irrioation Companv.
P. O. Box laO, WellinGton. CO 80549.
hereinafter referred to as the COnltaClur /ContracTor or Borrower.

WHEREAS. alllhority exislS in lht' Law and Fund~ hOlve neen budgeled. approprial~d and otherwise made
available and a suHicienl unencumbered balallce thereof remaim lIvaHable for paymenl in fund /'-lumber 4008
elL Accounl Number 5 4l6X. Contracl Encumbrance Numbe[1/ti'367;+., : and
ABL Account No. 14160, Org. Unit 77-77-777,

WHEREAS. required appro...;.!. clearance and coordinalion has been accomplished ftf)m and wilh appropriale
agencies: and

W~EREAS. pursuant to the provisions of 37-60-119 and
37-60-120, Colorado Revised Statutes, the State is authorized
to loan money for the construction of water projects for the
benefit of the people of the State provided that the Contractor
assures repayment of that money; and

WHEREAS. the Contractor is a mutual ditch company in the
State of Colorado and it wishes to improve. or cause to be
improved. its No.2 Dam. hereinafter sometimes called the
project. for the benefit of the stockholders of The North
Poudre Irrigation Company in Larimer County. Colorado. at an
estimated cost of Five Hundred Thousand Dollars ($500.000); and

WHEREAS. on July 20. 19B7. the parties entered into a
feasibility report contract. attached hereto as Exhibit B. A
feasibility investigation of said project was conducted and the
State has determined that such a project is technically and
financially feasible: and

WHEREAS. on F ~ L r . IfQo. the State and the
Contractor entered into a rmination contract. attached hereto
as Exhibit A. which terminated the Exhibit B feasibility report
contract previOUSly entered into between the parties' and

WHEREAS. the termination contract provides that th~
Contractor will repay to the State the principal amount of Nine
Thousand Eight Hundred Eighty-Five Dollars ($9.885) under the
term6 and conditions of that Exhibit A termination contract in
consideration of the State's partial financing of the
feasibility report for the project pursuant to the Exhibit B
feasibility report contract; and

WHEREAS. the State now desires by this project contract to
loan money for the construction of said project upon mutually
agreeable terms and conditions. subject to the availability of
funding for that purpose: and

WHEREAS. the State and the Contractor agree that the
repayment of the feasibility report funding shall be
consolidated with the repayment of the project construction
loan; and

WHEREAS. pursuant to the Contractor IS By-Laws. the
Contractor has authority to contract to borrow money provided
that a Resolution be duly passed ~y its Board of Directors and
to levy assessments assuring repayment of the State according
to the terms of the contract; and

1170E*

J95-:5J.01..1014

Pa!!{' I uf J:l pa!!t'~

APPENDIX A